Good day to members of the media and the listening public...
Bermuda’s economy demonstrated strong economic performance last year. The 2024 Annual Gross Domestic Product (GDP) report from the Department of Statistics confirmed that Bermuda’s economy continued to expand in 2024, growing by 1.9% in real terms to reach $7.1 billion, marking four consecutive years of economic growth and expansion.
The continued growth trajectory is a positive and stabilizing development. Importantly, twelve of the nineteen industrial groups contributed to this increase in value added, demonstrating broad-based resilience across much of the economy.
Bermuda’s economy increased by 6.9% in nominal terms in 2024. At current purchasers’ prices, the GDP per capita rose to $143,878 at the end of 2024. This compares with a GDP per capita of $134,450 in 2023.
Bermuda’s economic growth in absolute terms was led by International Business Activities, which grew by $48.5 million. This industry, which had a historic 5,040 filled jobs in 2024, was the largest contributor to the GDP at 29.3% of total GDP. Businesses engaged in reinsurance, insurance management and portfolio advisory experienced increases in value added.
The Information and Communication industry experienced the second-largest increase in value added, rising 16.4% or $25.1 million, driven primarily by growth in telecommunications services.
The Human Health and Social Work industry also recorded strong performance, increasing 6.3% or $21.5 million, with notable growth in private health services and continued expansion in social work activities.
Construction and Quarrying was another positive contributor, rising 8.8% or $21.1 million due to increased construction project activity throughout the year.
The following industries also demonstrated positive economic performance:
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Administrative and Support Services, increased 12.3% or $16.8 million.
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Professional, Scientific and Technical Activities, increasing by 3.5% or $13.7 million.
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Transportation and Storage, expanded 5.9% or $6.9 million.
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Accommodation and Food Services recorded a moderate increase of 0.3% or $0.7 million.
Other sectors experiencing modest growth include Arts, Entertainment and Recreation; Other Service Activities; Real Estate Activities; and Activities of Households as Employers.
The following sectors contracted during the year:
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The Wholesale and Retail Trade industry declined by 3.4% or $10.5 million.
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Financial and Insurance Activities decreased 1.1% or $10.1 million.
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Education fell 3.2% or $3.9 million.
Small declines were also observed in Agriculture, Forestry and Fishing; Manufacturing; Electricity, Water Supply and Waste Management; and Public Administration.
Overall, the Annual GDP report on economic activity for 2024 indicates that Bermuda’s economy continues to grow,
supported by strong diversified performance in key industries. Local business activity represented 67 per cent of the total growth recorded in 2024, while International Business represented 37%. The continued expansion across most industries demonstrates the underlying strength, resilience and adaptability of Bermuda’s economy.
The Economic Development Strategy 2023-2027 outlines the economic priorities that will drive the initiatives required for a prosperous economy.
For more information, please review the 2024 Annual Gross Domestic Product report, available at the Department of Statistics online at gov.bm.
Thank you.